Binance Feels The Heat As CME Climbs Bitcoin Futures Ladder
Portfolio Pulse from Khyathi Dalal
Chicago Mercantile Exchange (CME) has climbed to the second spot behind Binance as the largest Bitcoin futures exchange, driven by an institutional-led rally amid spot ETF optimism. CME reported a notional open interest of $3.54 billion, behind Binance's $3.83 billion. CME's share in the BTC futures market rose to a new lifetime high of 25%. Binance accounts for 28% of all futures open interest while CME holds 26% of the total. BTC prices have risen 29% in the past month.
October 30, 2023 | 3:29 pm
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POSITIVE IMPACT
Bitcoin prices have risen 29% in the past month, which has likely contributed to the increased interest in Bitcoin futures. Binance and CME are the two largest Bitcoin futures exchanges, holding 28% and 26% of all futures open interest respectively.
The news is directly related to Bitcoin and its futures market. The rise in Bitcoin prices has likely contributed to the increased interest in Bitcoin futures. This could potentially attract more investors and increase the price of Bitcoin in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
CME has climbed to the second spot as the largest Bitcoin futures exchange, driven by an institutional-led rally amid spot ETF optimism. CME's share in the BTC futures market rose to a new lifetime high of 25%.
The news is directly related to CME and its position in the Bitcoin futures market. The rise to the second spot and the increase in share in the BTC futures market indicates a positive trend for CME, which could potentially attract more investors and increase its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100